It depends. In my opinion, a 'restoration' would be an attempt to return a bike to its former glory, so contemporary parts wouldn't really fit in - I'd be chasing 'new old stock'.
I've 'refreshed' a late 80's / early 90's Shogun Katana. 'Tojo' now wears 9-speed components - predominantly Ultegra, with 105 brake calipers and hubs.
I'm also 'rebuilding' (well, building actually because the frame has never been built up before) a late 80's Hillbrick with a Campagnolo Record groupset. It's 9-speed because I fluked it on eBay - the photos showed the shifter levers which are pretty scratched and must have scared bidders off, but they're readily replaced (and they worked just fine when I put them on Tojo as a test bed). The rest of the components have normal usage wear, but no damage. Because of the age of the frame, I have to get the rear stays 'reset' so that contemporary hubs will fit - but because it's a Hillbrick, the guy who built it is only an hour and a half away. . I tossed up whether to build it using a 'period' Campagnolo groupset, because components are still pretty readily available as used or NOS, especially from the US or Europe. In the end, I decided that I would use reasonably recent gear and transition to contemporary components over time.
So, a lot of drivel and no real answer. My advice is to decide for yourself what you want to do and do it.

Or should I try and track down NOS 80s parts for it? which would be a hassle I would think.

No, it wouldn't be sacrilege, but it wouldn't be a restoration either. It would produce a very nice road bike upon which you will travel great distances and which will become a good friend ... if you do it properly of course, but it won't be a restoration.

Of course, you'll have to spread the rear forks to take the modern rear wheels ... but that can be done (and you can ruin frames in the process).

So, do you want a nice bike to ride or a restored 80's bike? Horses for courses mate, but you won't get a good, butted steel frame for less than a second hand 80's bike.

Kalgrm wrote:Contemporary means parts from the same time period as the frame. Do you mean today's current parts when you say "contemporary parts wouldn't really fit in"?

Oh no Graeme, you've picked on my understanding of language - them's fighting words! As I understand it, 'contemporary' is used to refer to something that is characteristic of, or belonging to, the present. On the other hand 'contemporaneous' is used to refer to things occuring in, or belonging to, the same period of time.
So, by 'contemporary', I was referring to components of current, or reasonably recent, design. 'New old stock' components would be 'contemporaneous' ones. For 'restoration' I would advise that triode12 use 'new old stock'. To build a damn fine bike that would ride very sweetly and weigh only a kilogram more than one with a carbon composite frame, I would advise the use of the components that you prefer from those currently available. ps. I'm not really fighting. I've had a long day, with extended periods of choosing both my written and spoken words very carefully. Now, with a glass of Coopers Stout close at hand, it is time to relax - if only I could get carefully crafted language out of my head!

Now you've got me reaching for the Macquarie Dictionary on my bookshelf! Anyway, it has four main definitions, the first two are as I've said, the next two are as you've said. Where does that leave us?

Well, you're drinking a Coopers Stout - the drink of champions throughout Oz - making you the supreme authority in my view. I bow to your wisdom. I will also defend your honour to the death should someone else question your carefully crafted language!

Cheers,
Graeme

Think outside the double triangle.---------------------------------------Imagine a world with no hypothetical scenarios.

LuckyPierre wrote:ps. I'm not really fighting. I've had a long day, with extended periods of choosing both my written and spoken words very carefully. Now, with a glass of Coopers Stout close at hand, it is time to relax - if only I could get carefully crafted language out of my head!

Think outside the double triangle.---------------------------------------Imagine a world with no hypothetical scenarios.

I referred to '... a glass of Coopers Stout ...', which should not be taken to imply ' ... drinking a Coopers Stout ...' in anything other than a temporaneous sense.
Yes, gentle readers, more than one glass has passed my lips - but enough, of banter anyway, let us return to more significant discourse.
ps. don't ask me why I channelling one of the Bronte sisters, because I don't know!

If you remove spacers/nuts/etc to reduce the 'across locknut width' for a 130mm hub to fit a 126mm frame...you will have to reduce the length of the axle and you might have to alter the quick release as well.